Is the Housing Market Stabilizing?

Photo by: cindy47452

I don’t have to say much about the housing market because we all know how that has been looking for the past year, two years. There are families that have lived in the same house for years and years, raising their children and even their grandchildren. It doesn’t sound weird now does it? Of course not. A house is usually set on a 30 year mortgage, which can really take a lifetime to pay off, and there are some that even refinance. Times were thought to of been tough a few years back, but compared to the recession we are in currently, it is nothing. Compared to the market in 2009, there has actually been a decline in foreclosure filings, but still a 6 percent increase from a year earlier. It is weird to say that we are doing well and things are looking up, but while taking a look around us there are those that are struggling. Honestly, I believe we are all struggling in some sort of fashion.

The number of foreclosures and bankruptcy are still expected to rise, and there are those out there that would agree with me that this is only the peak for the housing market. With the workforce still struggling, the homeowners that had turned to Uncle Sam for help may be facing the same problem once again, falling behind on bills. Currently, the national unemployment rate is at 9.7 percent, by the end of the year, beginning of 2011, it is expected to be 9.6 percent. Not much a decrease, wouldn’t you say? There are companies that are still hiring, but a lot harder to obtain the position. The recruiter can wait until they run across the right candidate. With that being said, foreclosure will continue and maybe stable around 2011. Those that have the money and can afford a house, right now is the time to buy. It is a buyers’ market.

However, do not rush into buying a house if you do not have money put back. Don’t fall into others footsteps and you too have to file for foreclosure, it will ruin your credit.

Think about how the economy has affected your family and would you want to lose your home? Keep up the good work and don’t slack off at work, there are others that may do the job better than you.

 
-Khon Phaxai